JPMorgan called July a "successful" month for Bitcoin miners.

In July, the profitability of mining the first cryptocurrency by public companies in the USA reached its highest level since the last halving. This is reported by CoinDesk, citing a report from JPMorgan.

According to experts, miners experienced "another successful month," as their average income amounted to $57,400 per 1 EH/s of hash rate. Compared to June, the figure increased by 4%.

Nevertheless, "daily revenue and gross profit per EH/s are still 43% and 50% lower than pre-halving levels, respectively," noted the bank's analysts.

The block reward reduction from 6.25 BTC to 3.125 BTC occurred in April 2024.

According to JPMorgan data, the network's hashrate also increased by 4% in July, reaching 899 EH/s after a decline in the previous month.

The mining difficulty increased by 9% over the period. The current value of the parameter is 48% higher than it was recorded before the last halving.

In July, 10 out of 13 tracked JPMorgan companies outperformed the first cryptocurrency in terms of dynamics. The leader was Argo Blockchain with a price increase of 66%. The worst result was shown by Core Scientific — a decline of 21%.

According to BitcoinMiningStock, the share of companies traded on exchanges in the global Bitcoin hash rate has reached 37.5%.

Public miners expand their capacities

Meanwhile, the family-linked mining firm American Bitcoin Corporation (ABC) associated with US President Donald Trump has approached a listing on Nasdaq. According to TheMinerMag, the company announced plans to merge with the publicly traded Gryphon Digital Mining in May.

On July 31, ABC notified the U.S. Securities and Exchange Commission that the shareholder vote on the proposed acquisition will take place on August 27. The regulator approved the S-4 registration form, paving the way for the transaction to proceed.

This spring, Hut 8 spun off American Bitcoin as a subsidiary. The company retained a controlling stake in the new entity in exchange for a fleet of mining rigs.

As of May 30, ABC had a hash rate of approximately 10 EH/s. The company aims to increase this figure to 25 EH/s. Plans include a potential purchase of deployed setups from Hut 8 with a total capacity of 15 EH/s.

The largest public Bitcoin miner MARA reported in its quarterly report that it received Teraflux devices worth $73.3 million from the American startup Auradine in the first half of the year.

At the time of the last halving, the MARA fleet was almost entirely made up of installations from Bitmain. However, in the following months, the company invested a total of $85.4 million in Auradine, secured a seat on the startup's board of directors, and switched to purchasing equipment made in the USA.

Let us remind you that against the backdrop of uncertainty regarding customs duties, Canaan has scaled up its mining equipment production capacity in the USA. Bitmain stated that they will begin full-scale production in the country at the beginning of 2026.